All Forum Posts by: Hiren Patani

1) Let's say if one buy's a new car under his/her personal name or under company name (driving for business more than 50% but some personal use too), then they can show mileage driven for business and also vehicle depreciation under expenses when filing tax return. Correct?

2) If you are not using our new car for business purpose all the time. Should it be brought under your name or under company's name? What makes more sense?

3) Again, not using the vehicle for business purpose all the time. If you are leasing a car? Should it be under your name or company's name? Also can one should full monthly lease payment as a expenses when filing tax returns?

@Pat L What type of farm? Please explain it? Because my understand is it needs to meet certain criteria to deduct lot of stuff?

Thanks!!!

@Mohammad Akif, @Tamara Elliott-Deering @Rick Johnson Thanks a lot.

Could somebody explain what's series LLC is? It's pros and conc ?

Hello,

I know I need to apply for LLC at Texas SOS office. But need assistance in setting up the structure, etc.

Thanks for your help.

Regards,

Hiren Patani

Think like if you are a seller what would attract you in your difficult times. It's like your first impression and last one. Good luck.

@Fred Heller, Near Memorial Park(I-10 W & 610)

Hello Tucker,

I'm opening to any type at this point of time as long as it meets my long term investment goals and numbers make sense.

Thanks,

Hiren

Hello Y'all,

It's a off market deal in Houston, TX for a townhome. Year build 2006, 3bed/3.5 bath. 3 stories.Area: 2100 sq.ft

Asking Price: $325K

Repair cost: $25K

ARV: $410K.

Is this a good buy? If so, should I fix and flip or hold (rent it out).

Also I do have 20% money of asking price? How doI get remaining funding? What are my options here?

I'm competing against cash buyers, hard money, conventional buyers.

All the help greatly appreciated.

Thanks,

Hiren

Thank you guys for all your responses. Really appreciate it.

Hello,

Recently I sold my primary residence (condo) after staying in it for few years and got some good appreciation when I sold it. My title company told me they will report the money that the buyer gave me (after paying to Mortgage bank, agent, etc) to IRS. 

Do I have to pay tax on it? If so, what are my options?

Btw I did brought another house (before selling my primary residence-condo), which is now my primary residence.

Thanks,

Hiren

Hello Y'all, I'm a new investor and would like to know/learn what numbers to look for when buying a property from a wholesaler? What numbers to look for which will make it a good deal and not so good deal? Any advice/help is greatly appreciated. Thanks, HP